Dubai’s Digital Property Regulatory Authority (VARA) has issued an investor alert concerning Bitay.
The alert goals to attract the eye of market individuals to current media protection of Bitay’s supposed entry into the UAE market – insofar because the Authorized Particular person could also be wrongly perceived to:
- Be Regulated, Authorised or in any other case Permitted [with no-objection-confirmation] by VARA to service Dubai; OR
- Have secured approval from or be registered with VARA – as warranted – to have the ability to make obtainable a ‘regulated’ Digital Asset [VA] product, or supply a type of licensed VA Exercise or Funding Service
Cupboard Decision No. 111/2022 advises the market to not have interaction with unregulated VASPs.
- Unregulated Operations: Bitay shouldn’t be regulated by VARA and has not sought to in any other case be registered with VARA.
- False Claims: VA Exercise being carried out by Bitay, whether or not in/from the Emirate of Dubai or in any other case, has not been notified to VARA, and has not been assessed to be ‘secure’ for the Dubai residents. Representations on the contrary, or that any of the entity’s companies have additional been authorised by VARA haven’t any legitimacy.
- Unauthorised Distribution: Placement or distribution of Bitay Coin in Dubai by Bitay constitutes breach of Regulation III.A.1 of the Digital Property and Regulated Actions Rules 2023.
- Unauthorised Advertising: Bitay has not secured VARA approval as mandated to undertake any actions associated to the promotion, promoting, or advertising of its services or products, and is therefore additionally not authorised to solicit shopper participation, in/from Dubai.
Prospects could want to notify VARA at [email protected] if they’ve been (i) the topic of any of Bitay’s solicitation/ promotional actions; or (ii) if any of Bitay’s companies have been made obtainable to them particularly in/from Dubai.
VARA continues to watch the scenario and will take enforcement actions towards Bitay and any accountable people as could also be warranted topic to evidenced wrongdoing.